“Wealthsimple credit cards.”
Wealthsimple Credit Cards: Are They Worth Your Wallet?
In the ever-evolving world of personal finance, Canadians are constantly seeking smarter, more transparent ways to manage their money. Enter Wealthsimple credit cards—a financial product designed to align with the modern investor’s values: simplicity, low fees, and digital-first convenience. But are they truly worth it? Let’s explore what makes these cards unique, who they’re best for, and how they stack up against the competition.
What Are Wealthsimple Credit Cards?
Wealthsimple, known for shaking up the investment scene with its robo-advisors and commission-free trading, entered the credit card market with a mission: eliminate hidden fees, offer real rewards, and make credit work for you—not the other way around.
While Wealthsimple’s core services include investing, crypto, and tax filing, their cash-back credit card is a relatively new addition, tailored to users who already trust the platform with their financial lives.
adsmu
Key Features of Wealthsimple Credit Cards
Let’s break down the features that set Wealthsimple credit cards apart:
1. Unlimited Cash Back
Wealthsimple offers up to 1% back on every purchase, credited directly to your Wealthsimple accounts. Whether it’s your investing account, your crypto wallet, or your high-interest savings account, the cash-back flexibility is a major win.
2. No Annual Fees
In a market where annual fees can creep up to $120 or more, Wealthsimple charges you nothing just to carry their card in your wallet. That’s a breath of fresh air, especially for millennials and Gen Z users trying to minimize banking costs.
3. Automatic Investing of Rewards
One of the standout features? Your rewards can be automatically reinvested. This means your everyday spending helps grow your long-term wealth—without lifting a finger.
4. No Foreign Transaction Fees
If you’re someone who shops online from international websites or travels often, the lack of foreign exchange fees (typically around 2.5% with other banks) can save you hundreds a year.
5. Sleek, Metal Design
Let’s face it: aesthetics matter. The Wealthsimple card has a premium, minimalist look that feels more like a status symbol than a financial tool.
adsmu
How to Apply for a Wealthsimple Credit Card
The application process is as simple as the company’s name suggests. You can apply through the Wealthsimple app, and the approval criteria are clearly laid out. While a good credit score is preferred, Wealthsimple emphasizes transparency and quick processing.
To apply, you’ll need:
- A valid Canadian address
- Government-issued ID
- A Wealthsimple account (you can set one up in minutes)
Once approved, your card is mailed directly to you, and you can begin using it both online and in-store via Apple Pay or Google Pay.
Who Should Use a Wealthsimple Credit Card?
Wealthsimple credit cards aren’t for everyone—but they’re ideal for a specific type of spender. Here’s who will benefit most:
- Existing Wealthsimple users: Integration with the app and investing tools makes it seamless.
- Beginner investors: Auto-investing rewards is a gentle way to dip your toes into the stock market.
- Frequent travelers or online shoppers: No foreign transaction fees = major savings.
- Minimalists: No annual fee, simple rewards, and a clean user interface.
How Does Wealthsimple Compare to Other Credit Cards?
Here’s a side-by-side snapshot to see how it stacks up:
| Feature | Wealthsimple Credit Card | Tangerine Money-Back Card | KOHO Prepaid Visa |
|---|---|---|---|
| Cash Back Rate | Up to 1% | Up to 2% (select categories) | Up to 2% |
| Annual Fee | $0 | $0 | $0 (basic) |
| Foreign Transaction Fees | $0 | 2.5% | 0% (premium plan) |
| Auto-Invest Rewards | Yes | No | No |
| App Integration | Excellent | Moderate | High |
While the Wealthsimple card may not offer the highest cashback rates, its unique ability to automatically invest your rewards makes it stand out for wealth builders.
Real User Reviews
Many users praise the card for its no-hassle structure and simplicity:
“I love the fact that my cash-back rewards go straight into my TFSA—it’s like I’m growing my savings without even trying.” — Sarah, Toronto.
“It’s great for travel. No foreign fees and the app gives me instant updates.” — Mike, Vancouver.
However, some users do mention that the 1% rate could be higher for those spending heavily in certain categories like groceries or gas.
adsmu
Potential Downsides
No card is perfect. Here are a few things to consider:
- Lower rewards rate: If maximizing cashback is your priority, you might find higher-tier cards more rewarding.
- No premium perks: Unlike premium travel cards, there are no lounge access, extended warranties, or travel insurance features.
- Requires Wealthsimple account: Not necessarily a con, but worth noting if you’re not already a user.
Final Verdict: Should You Get a Wealthsimple Credit Card?
If you’re already using Wealthsimple, or if you’re looking for a low-maintenance, no-fee credit card that rewards you with real long-term value, this card is a great fit. While the cashback rate isn’t groundbreaking, the automatic reinvestment of rewards is a forward-thinking feature that few other cards offer.
It’s ideal for:
- Budget-conscious users
- New investors
- Tech-savvy individuals
- People tired of hidden fees
On the flip side, if you’re chasing the highest cashback possible, or travel perks like lounge access or flight upgrades, you may want to consider premium cards with annual fees.
Frequently Asked Questions
1. Is the Wealthsimple credit card a real credit card?
Yes, it’s a legitimate Mastercard credit card with full acceptance across Canada and globally.
2. Does Wealthsimple do a credit check?
Yes. Like most credit cards, a hard inquiry is done during the application process.
3. Can I use my Wealthsimple rewards for crypto?
Absolutely. You can direct your cashback to be automatically invested in Bitcoin or Ethereum through your Wealthsimple Crypto account.
4. Can I use it for business purposes?
It’s a personal credit card, so it’s not ideal for business expenses unless your business is a sole proprietorship.
adsmu
Final Thoughts
In a world where credit cards often benefit banks more than users, Wealthsimple credit cards are a refreshing change. They reward good financial habits, simplify money management, and align with the values of the modern, digital-first consumer. If you’re looking to earn while you spend—and grow your wealth in the background—this card could be a smart move.
